What they say is true: with success comes adversity. As a small business owner or high net worth individual, you probably already know this all too well. Being confronted with stressful situations is nothing new; in fact, it’s likely a recurring part of your everyday life.
Throughout my career, I’ve seen people succeed and fail at handling a stressful situation in their business. I find that small business owners face these conflicts often, and sometimes making a tough decision can make or break their livelihood. Decision-making in stressful situations isn’t easy, but it can be managed.
Here are my steps to getting through these types of situations:
- Remain calm. Because most small business owners are so engaged in the day-to-day operations of a company, it is often difficult to keep emotion out of the decision-making process. But don’t let your emotions get in the way of making the right decisions.
- Gather the facts. Get all of the necessary information you need to give you a 360-degree view of the problem. Good or bad, the facts are the facts, and they have a huge bearing on your decision.
- Think of the whole, not the parts. Sometimes, personal relationships can muddy the waters in a decision, like adversity between siblings in a family-owned business. Always make a decision based on what is best for the entity as a whole and not for what is best for just one or two people.
- Seek the advice of a third party objective adviser. Your CPA or legal counsel can provide valuable insight. Oftentimes, business advisers have been exposed to situations like yours and can lend good advice and an objective opinion in the time of need.
Knowing the importance of how to act in stressful situations may make or break your personal relationships, your personal income, and your net worth. Remember: remain calm, deal with the facts, do what is best for all, and when in doubt, seek professional business help.
